Vita Coco (NASDAQ:COCO) Issues Earnings Results

Vita Coco (NASDAQ:COCOGet Rating) issued its earnings results on Wednesday. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02, MarketWatch Earnings reports. Vita Coco updated its FY 2022 guidance to EPS.

COCO stock opened at $10.38 on Friday. The business has a 50 day moving average of $9.61 and a 200-day moving average of $11.04. Vita Coco has a 12-month low of $7.51 and a 12-month high of $18.61.

A number of brokerages have commented on COCO. Wells Fargo & Company decreased their price target on shares of Vita Coco from $15.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, March 11th. Bank of America cut shares of Vita Coco from a “buy” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $10.00 in a research report on Monday, March 14th. Credit Suisse Group decreased their price objective on Vita Coco from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Friday, March 11th. Zacks Investment Research lowered Vita Coco from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, The Goldman Sachs Group decreased their price target on Vita Coco from $19.00 to $17.00 and set a “buy” rating for the company in a report on Monday, April 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $15.43.

In other news, CEO Martin F. Roper bought 25,000 shares of the stock in a transaction on Friday, March 18th. The shares were acquired at an average cost of $9.06 per share, for a total transaction of $226,500.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kenneth Sadowsky purchased 10,000 shares of the business’s stock in a transaction on Monday, March 14th. The stock was purchased at an average cost of $7.87 per share, with a total value of $78,700.00. The disclosure for this purchase can be found here. Insiders have purchased 85,000 shares of company stock worth $727,700 over the last quarter. 7.16% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of the stock. Citigroup Inc. purchased a new position in Vita Coco during the fourth quarter worth about $45,000. JPMorgan Chase & Co. purchased a new position in shares of Vita Coco during the fourth quarter worth approximately $47,000. California State Teachers Retirement System purchased a new position in Vita Coco in the 4th quarter worth $67,000. Deutsche Bank AG purchased a new stake in Vita Coco during the 4th quarter valued at about $75,000. Finally, Penserra Capital Management LLC purchased a new position in Vita Coco in the 4th quarter worth approximately $84,000. Institutional investors own 16.12% of the company’s stock.

About Vita Coco (Get Rating)

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, and the Asia Pacific. The company offers coconut oil and coconut milk; Hydration Drink Mix, a powdered form of flavored coconut water; sparkling water; Runa, a plant-based energy drink; purified water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.

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